Japan-Middle East Lines Eye Rate Hikes in August Again
The Informal Rate Agreement (IRA) plans a rate restoration of US$150 per TEU and $300 per FEU for shipments from Japan to the Middle East, effective August 1, 2010. The IRA is a group of container shipping lines catering to the Far East – Middle East trade.
The proposed rate restoration will follow the $250 per TEU increase implemented on July 1, 2010.
IRA lines are raising rates against the backdrop of the anticipated cargo surge before Ramadan in mid-August and the shortages in equipment and slots for containers from Japan.